Short answers to frequent funding questions, written by Grovehaven Capital Group in Rock Hill, South Carolina. Rates, terms and approvals belong to the funding partners.
Is a Merchant Cash Advance a Loan? A Straight Answer for York County, SC Gyms
No. A merchant cash advance is a purchase of future card sales, collected as a share of card settlements until an agreed total is reached. A gym billing memberships by card could qualify; a gym billing by bank draft has less for a provider to collect against. See merchant cash advance.
Can You Refinance a Business Loan? What Rock Hill, SC Auto Repair Shops Ask First
Often, yes. Refinancing replaces an existing loan with a new one, usually to lower the payment, change the term or combine debts. An auto repair shop asking about it should bring the current loan statements and payoff amounts, and check the existing loan for prepayment terms. The new partner decides. See business term loans.
Is a Working Capital Loan Long Term for a Rock Hill, SC Landscaping Company?
Usually not. A working capital loan is generally short, with a schedule measured in months, because it covers a gap that should close. A landscaping company that needs money for years, such as for mowers or trucks, is better matched with equipment financing or a term loan.
What Does a Business Loan Require From a Rock Hill, SC Grocery Store?
Partners commonly ask a grocery store for time in business, recent bank statements, the latest tax return, a debt schedule and the purpose of the money. For equipment, they add the quote; for a store purchase, the purchase agreement and the seller's financials. See grocery store loans and the request steps.
What Are Small Business Loan Terms on a York County, SC Daycare Center Request?
Loan terms are the conditions of a loan: amount, rate, length, payment schedule, fees, collateral and any guarantee. For a daycare center buying play structures or adding a classroom, terms are set by the funding partner after review. Compare offers on total dollar cost, not only the monthly payment. See daycare center financing.
When an Advance Balance Feels Like Debt: A York County, SC Motel Owner's Question
An advance is not a loan, but the amount still to be collected is an obligation the business owes under the contract, and a motel owner should treat it that way when budgeting. Read the contract's terms on what happens if sales fall or the business is sold.
See hotel loans.
By Grovehaven Capital Group ยท Updated